Electric Capital Raises $110M for Second Crypto Fund – August 4

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $11,144

Bitcoin price has traded sideways today, in a small range between $11,100 and $11,450. A breakout attempt to the upside was unsuccessful.

Top-20 altcoins have had very mixed performance over the last 24 hours, as Ethereum remains unchanged, XRP falls 1%, and Crypto.com falls 7%. Link outshined all others with a 10% jump.

Top Stories for August 4, 2020 πŸ”₯

πŸ‘‰ Electric Capital Raises $110M for Second Crypto Fund

Electric Capital has announced that they have raised $110 million for a second cryptocurrency fund, with investment directed at layer 1 protocols and decentralized finance.

The company, based in California, already holds several investments in the crypto space including dYdX, Maker, and Bitwise. They are aiming for investments sized between $1 million and $6 million.

πŸ‘‰ Paris Judge Officially Orders Trial of BTC-e Operator Alexander Vinnik

A French judge in Paris has officially ordered the trial of alleged BTC-e operator Alexander Vinnik, for defrauding over 100 people across several French cities.

Vinnik faces further charges including extortion, aggravated money laundering, and more as the alleged operator of the defunct cryptocurrency exchange.

21 charges have also been laid on Vinnik in the United States.

πŸ‘‰ Matic Network Creates $5M Incubator Fund for DeFi

Matic Network, a prominent Ethereum sidechain, has pledged $5 million in funds for DeFi projects looking to build on their platform. The grants will be paid in the MATIC token.

According to Matic, their network chain provides the necessary scalability for DeFi platforms to operate at a better capacity than Ethereum, which has already experienced throughput issues.